To help with your cash flow during this very difficult time, the government has backed a Coronavirus Business Interruption Loan Scheme (CBILS) scheme to support small and medium-sized businesses.
The government will cover the interest payments for the first 12 months and will pay the loan application fee.
How do I apply?
You will need to apply to your own bank in the first instance and they will need the following to consider your application:
The amount you would like to borrow
What the money is for — the lender will check that it’s a suitable business purpose and the right type of finance for your needs
The period over which you will make the repayments — the lender will assess whether the loan is affordable for you
How do I identify a suitable lender?
The British Business Bank offers a handy tool to help identify which lenders to approach in your region and for the type of finance that you are looking for.
What documents will I need to provide?
You will need to provide certain evidence to show that you can afford to repay the loan. This is likely to include:
Management accounts
Cash flow forecast
Business plan
Historic accounts
Details of assets
If you need any help with this process, we can help. Get in touch with us on 023 92 658 274 or bharat@bdhathi.co.uk
Where can I find out more?
Visit the British Business Bank here for further information
Yorumlar